DOES OWNERSHIP AFFECT PERFORMANCE? –A PANEL DATA ANALYSIS OF COMPANIES LISTED IN INDIA

This paper attempts to examine the impact of ownership structure on firm performance. The sample is based on BSE 200 Index companies and the study spans over a period of 15 years, from 2001 to 2015. It considers four major groups of ownership viz., Indian Promoters (IP), Foreign Promoters (FP), Non-Promoter Institutions (NPI), and Non-Promoter Non Institutions (NPNI) and three measures of performance namely, return on asset (ROA), return on equity (ROE), and Tobin’s Q ratio (TQ). Panel data regression results shed light on the relation between ownership structure and firm performance.